Steel pipe maker chooses Texas
One of the world's largest steel pipe makers has chosen to build its first U.S. plant in Texas, rather than Oklahoma. A spokesman for Borusan MannesMann confirmed in an email to The Oklahoman on Monday that it is building its U.S. plant in Baytown, Texas. Construction began in April. The Turkish company had announced at the first of the year it was considering locations in Oklahoma and Texas for a $150 million plant that could produce 300,000 tons of pipe each year.
Pork council gets new offices
The Oklahoma Pork Council will move into new offices this fall. The council — which promotes pork and pork products — is moving into the Oklahoma Blood Institute building at 901 N Lincoln. It plans to occupy the 3,600-square-foot space in September, leaving behind its current office at One North Hudson. The new lease was handled by Rick Pritchett with Precor Ruffin and Julie Kriegel with Wiggin Properties.
Magellan closes on acquisition
TULSA — Magellan Midstream Partners LP on Monday announced it had closed on its acquisition of pipeline assets in Texas and New Mexico from Plains All American Pipeline LP. The remainder of the $190 million deal still is pending, subject to regulatory approval. Magellan now owns about 250 miles of common carrier pipeline that transports refined petroleum products to Albuquerque, N.M., and the U.S.-Mexico border for delivery within Mexico. “This pipeline system serves as a natural extension of our existing refined products pipeline system, with current connections in the El Paso market,” CEO Michael Mears said. “With this newly-acquired pipeline system, Magellan is able to provide options for customers in Albuquerque and central New Mexico to access refined products from West Texas, Gulf Coast and Mid-Continent refiners.”
Flooding reduces production
New Source Energy Partners LP adjusted its production guidance Monday due to flooding caused by last month's Oklahoma storms. Several wells in New Source's Golden Lane Field were taken offline for about 10 days in June because of flooding. The company dropped its production guidance for the second quarter to 3,700 barrels of oil equivalent a day, down from 3,900 barrels to 4,100 barrels. Production is returning to normal levels, the company said. New Source also announced the board of its general partner has approved an increased distribution of 55 cents a unit for the second quarter. Management has advised the board to increase the distribution to 57.5 cents a unit in the third quarter.
LSB subsidiary extends pact
El Dorado Nitrogen LP, a subsidiary of Oklahoma City-based LSB Industries Inc., has signed a seven-year extension of an agreement to supply nitric acid to Bayer MaterialScience LLC. The extended agreement will be effective July 1, 2014. In a statement, LSB CEO Jack E. Golsen said El Dorado “has enjoyed a mutually beneficial working relationship with Bayer since 1998, and we look forward to continuing this relationship.” LSB manufactures and sells chemical products for the agricultural, mining, and industrial markets and makes and sells climate control products.
From Staff Reports